Adam DavidsonVerified account

in a spreadsheet or notebook, write down: Tangible Assets Creditors (falling due in more than one year) Cash on hand Keep going through 2012 and on. A fascinating story emerges: 2/

In the midst of the financial crisis and housing bubble bursting, when Scotland was in economic crisis, golf resorts were struggling, Aberdeen—in particular—was in economic free fall due to end of North Sea oil exploration, this one mediocre golf resort outside Aberdeen... 3/

Was appreciating in value by millions every year. Specifically: each year, the Trump Org “lent” itself millions, from NY to Scotland, spent it all or did something with it, because they had no cash on hand at end of year. And the self-proclaimed tangible value ... 4/

Increased by the same amount as the loan. Even though the actual market tangible value was collapsing. They did NO work on the grounds for the first several years and then did minimal work afterwards. 5/

It starts slowly, but by 2010, we’re talking about real money—10s of millions disappearing. If this feels confusing or hard to follow, just send the Companies House accounts to an accountant in your life. They’ll see at a glance. 6/

Then, do the same for Turnberry, Doonbeg, and—to the extent you can—Doral. Same story. (Though the others are harder work, because of multiple ownership over the years) Compare the dates and dollar/pound amounts to other projects at the time. 7/

What you see is a NY “real estate” company claiming to be spending 100s of millions of dollars on consistently money-losing golf projects in a country overrun with money-losing golf courses. 8/

This is (he says) his own money. But if you look at his public accounts and the data Michael Cohen provided, he doesn’t have this kind of money. Also, think of all you know about Trump—does he spend 100s of millions on long-term projects that bring minimal glory? 9/

One possibility: - Trump so believes in the long-term value of resort golf in Scotland that he invested every penny he had (including huge amounts of money he never talked about because he’s modest). He signed on to a 20+year plan to work through the slow-moving ... 10/

... Scottish planning process to put all his chips on a project that could only return a profit long after he’s dead. And would bring minimal glory. - OR he has a scheme to hide the source and destination of money through a nonsensical business. 11/

- I have shown these docs to many accountants, former prosecutors, an FBI agent, and others. Everyone agrees there is something profound here. Clear evidence of hiding money. But work needs to be done: whose money? Where does it come from? Where does it go? 12/

- Some interesting observations: - It’s relatively small until 2010 then begins to explode, as if there is more money coming in then they know what to do with. - He met Anar Mammadov in 2010. He uses golf to, um, process his wealth. - Money goes up, more in 2014. 13/

- He met Agalarovs in 2013. They use golf to, um, process their wealth. - We only know this much because of UK transparency laws. Similar pattern at Doral, but US is much worse on transparency. 14/

- All in all, the picture is clear: Trump was at his heights of fame but his lows of business. After a career of never using his own money, he all of a sudden starts spending 100s of millions in money-losing golf resorts in nonsensical ways. 15/